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Bitcoin (BTC) is expected to experience a “sharp” price increase thanks to a rare bullish phenomenon that has just struck for the first time in seven years.
In his last update On Bitcoin’s Relative Strength Index (RSI), popular Twitter analyst TechDev pointed out major similarities between this year and the BTC bull run of 2013.
Stochastic RSI sees “a particularly bullish cross”
As Bitcoin skyrockets, the RSI has risen rapidly and is currently cooling off “overbought” territory suggesting a temporary – however modest – decline in prices.
However, zooming out the stochastic RSI is repeating its 2013 moves, which preceded Bitcoin’s run to what were then all-time highs of around $ 1,300. For comparison, BTC / USD started that year at $ 13.
The Stochastic RSI measures the relative strength and weakness of the RSI indicator itself.
“Bitcoin has seen its second bullish monthly RSI cross between 20 and 80 this cycle. A particularly bullish cross. September 2021 and May 2020,” TechDev commented alongside a chart showing the action.
“This cross has only happened two other times in history. You guessed it. September 2013 and May 2012. The big pumps followed the 3 previous crossings.
Quiet until December?
As impressive as it sounds, Bitcoin bulls may have to wait a little longer for the ultimate push to the top to reach.
Related: Bitcoin’s $ 50,000 Is The ‘Ultimate Bear Trap’, Analyst Says As BTC Price Fights For Key Level
It’s also thanks to historical BTC price data, according to analyst Rekt Capital shows new all-time highs coming in December, rather than “Uptober”.
Additionally, November might even see a retracement to current price levels of just above $ 50,000.
Based on historical rehearsals #BTC price trends across cycles …
Bitcoin could rally at ~ $ 63,500 in October
Then come back to low / middle $ 50,000 in November
Then soar to new heights of all time$ BTC #Crypto #Bitcoin
– Rekt Capital (@rektcapital) October 5, 2021
Such a seemingly conservative prediction, however, does not conflict with other popular models, most notably the “worst case” monthly closing series from the creator of the stock-flow model PlanB.
The forecast calls for $ 63,000 for October, $ 98,000 for November and at least $ 135,000 for the December monthly close. The August and September figures – $ 47,000 and $ 43,000, respectively – were right on target.
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